ACT companion to treasury management by Valerie Hawkes

By Valerie Hawkes

ACT better half to treasury administration is greater than simply an replace of the vintage forst variation. it's been thoroughly rewritten to include all that has replaced in foreign treasury administration because the first variation used to be written over twelve years in the past.

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Most of these items have a higher volume than the goods sent in exchange, and there will therefore be additional transportation costs. Also, perishable goods may require different shipping conditions from the exchanged products. There may well be a high degree of trust required from the counterparty that they will ship the goods in return and that the goods will be of suitable qual­ ity. Payment may well be received later than standard since the company will not be paid until the incoming goods are sold in the home market.

These include the cost-plus' treasury, which would typically take a small margin on all deals with subsidiary companies as a means of generating some income at the centre. The profit orientated' treasury is one that will leave some positions Cost ν profit centre treasury 35 unhedged in the market in the hope of making gains from favourable currency or interest rate movements. Surveys have shown that true cost centre and profit centre treasuries are actu­ ally extremely rare. Most treasurers use their market judgement to a limited extent and leave some positions unhedged in an attempt to improve the corpora­ tion's profitability.

Interest is paid without deduction of tax. On maturity, the C D is presented to the issuer for payment and the holder receives the face value of the C D plus the gross accrued interest payable. If a C D is sold in the secondary market before maturity, the purchaser pays the holder accrued interest for the period payable up to that date together with a principal amount calculated using the following formula (where the original maturity was one year or less): ^ . , Γ 36 500 + ( c o u p o n rate X tenor in days) Proceeds - Prmcipal X ^ f-^ L 36 500 + (quoted yield X remaining days) _ Certificate of deposit (CD) 21 Example: An investor, having purchased a one year £i ooo ooo C D issued at 6%, sells it after holding it for 90 days.

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